The Bank of New York is cooperating with the Agricultural Bank of China to develop open-end mutual funds there, the Bank of New York announced last month. The two banks have signed a memorandum of cooperation such that the Bank of New York will provide technological backup and training to Agricultural Bank of China so it can establish an open-end investment fund system, the bank said.

The deal is just the beginning of a long process to develop open-end funds inChina," according to the Bank of New York.

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